Pan Gulf’s earnings down 54% to SAR 10.6M in 2024; H2 at SAR 8.8M

23/03/2025 Argaam Exclusive

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Pan Gulf Marketing Co. posted a net profit of SAR 10.6 million for 2024, a decline of 54% from SAR 22.8 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 422.35 393.37 (6.9 %)
Gross Income 120.66 110.53 (8.4 %)
Operating Income 42.65 30.09 (29.4 %)
Net Income 22.84 10.59 (53.6 %)
Average Shares 7.50 7.50 -
Earnings Per Share before unusual items (Riyals) 3.05 1.41 (53.6 %)
EPS (Riyals) 3.05 1.41 (53.6 %)

The annual profit decline was ascribed to the decrease in private sector sales and government sector orders.

 

In H2 2024, the company’s net earnings also fell 49% to SAR 8.8 million, versus SAR 17.19 million in the year-ago period.

 

However, on a biannual basis, the bottom line advanced by more than five folds from SAR 1.74 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 236.72 224.19 (5.3 %)
Gross Income 61.24 55.58 (9.2 %)
Operating Income 28.12 20.40 (27.5 %)
Net Income 17.19 8.85 (48.5 %)
Average Shares 7.50 7.50 -
Earnings Per Share before unusual items (Riyals) 2.29 1.18 (48.5 %)
EPS (Riyals) 2.29 1.18 (48.5 %)

Shareholders’ equity, no minority interest, rose to SAR 85.4 million as of Dec. 31, 2024, compared to SAR 75.14 million in the year before.

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Share Price

Pan Gulf Marketing Co.
24.50
(2.50) (9.26 %)

Pan Gulf Marketing Co. (PAN GULF)

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Financial Ratios
Current
Market Cap (M Riyal) 183.75
Enterprise Value (EV) (M) 322.10
Shares Outstanding ((M)) 7.50
Book Value (BV) ( Riyal) 11.39
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.35
Price/book 2.15
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